Krugman does the math so you don’t have to, and concludes that Obama is…

overpromising again:

“It’s not perfect, but this compromise is an essential step on the road to recovery,” Mr. Obama said. “It will stop middle-class taxes from going up. It will spur our private sector to create millions of new jobs, and add momentum that our economy badly needs.”

Millions of new jobs? Millions? Not by my arithmetic.

And it leaves the tax break for the super-rich in place for at least two more years, giving Republicans another shot at making them permanent, especially if, as Krugman predicts, what modest stimulus effect there is, fades before the 2012 election. (Krugman’s predictions, sadly enough, are usually correct.)

Note to White House: you know, guys, what we were hoping for was audacity. Instead we get a lark, a spree, it’s very plain to see…